QUESTION 3 XYZ Ltd has two intangible assets as at 30 June 2020 and additional information of such intangible assets is as below: Brand name: Over the last four years, XYZ Ltd has developed a very successful brand of comics. Based on years of experience, the Managing Director strongly believes that the current value of the brand name is $1,200,000 and has measured the asset accordingly.The economic benefits associated with the brand name are expected to last for another six years. Trademark: on 1 July 2018, XYZ Ltd acquired a trademark that can be used for 6 years for $600,000. The trademark has no residual value but can be renewed at the discretion of the holder. The management believed that the trademark would be sold for a minimum of $1,200,000. REQUIRED: Select appropriate accounting treatments and carrying amount for each intangible asset. Brand name: Brand name should be initially recognised as an because it was What is the appropriate measurement basis for subsequent measurement of brand name? Carrying amount of brand name at 30 June 2020: Trademark: Trademark should be initially recognised as an because it was What is the appropriate measurement basis for subsequent measurement of trademark? Carrying amount of trademark at 30 June 2020: asset expense acquired internally generated cost model revaluation model no subsequent measurement $0 $400,000 $500,000 $600,000 $800,000 $1,000,000 $1,200,000 TWW